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CS,
As a physicist by training who has worked in Oil & Gas for more than 40 years I respectfully disagree with your statement "The entire climate change narrative is a scam and if you believe any of the nonsense or drive an electric car to save the planet you're an idiot."
But, I can agree that UK energy policy and the EPL are ill thought out.
...or did you mistype and really mean "I would be stupid NOT to trade it" ?
In what way is that an answer to my very simple question ?
Shaml89,
you say "As I said I am not shorting but don't see any value left for equity".
So ae you simply seeking a lower entry point for a quick trade. Go on, give us clue ?
AJ
"85 millions need to be found from somewhere and they have to be found in next 12 months."
Unless IOG renegotiate the bond. Which seems the most likely outcome.
Not a time to panic with 12 months to go....
Not a chance that LOG Administarors are selling.
Https://www.iog.co.uk/investors/aim-rule-26/
As of 12th July neither Lombard or Premier Milton hold more than 3%
KB,
"Could the same sentiment not have applied to our last placing in May last year at 18p?
Yet here we are @14p😣"
Looking at the state of my pension pots, I reckon it's all part of the Truss effect !
Here's to brighter days for us all
AJ
Jmmy,
Thanks for confirming.
Though I was disappointed the RNS was not the partnering one we all anticipate, I am not unhappy about the fund raise if this is the license. Looking forward to the formal award.
GLA
AJ
Jimmy,
Would welcome your thoughts if you think it if might be this license.... I dug this out from my archives. Unfortunately, the links no longer work.
The LMS-1 well was drilled to a total depth of 1158 meters. The primary target was in the H-9 sequence which is a Miocene aged shallow marine deposit that had not been previously tested in the area. The well encountered 16.4 meters of net conventional gas pay sands which had an average porosity of 32% in an over-pressured section. Similar to the previously drilled LNB-1, heavier gas shows were encountered indicating the presence of a deeper thermogenic source rock charging the structure. In addition, the cuttings showed evidence of fluorescence indicating the potential presence of liquid hydrocarbons within the section encountered.
The well is now being completed as a conventional natural gas producer in the H-9 interval and once the rig has left the location the well will be perforated and tested. It is anticipated that the test will be conducted approximately 30 days after the rig has departed the location.
http://otp.investis.com/clients/uk/sea_dragon/rns/regulatory-story.aspx?cid=675&newsid=1007094
then ….
The well test program in the LMS-1 well in the Company’s Lalla Mimouna Nord permit in Morocco has been completed. Upon test the well flowed at sub-commercial rates which at this stage we believe are temporary and due to damage created by the fluids used to control the elevated pressures encountered in the well whilst drilling, however this is still being investigated. At present, we believe the damage is the result of formation clays reacting to certain components used to increase the mud weight of the drilling fluid. The reservoir section, beyond this zone of damage, is thought to be of excellent quality based upon the well log response and is not expected to have been damaged by the drilling fluids. Once the fluid interaction study is complete, a stimulation program will be designed and implemented and the well test will be repeated.
http://www.sdxenergy.com/~/media/Files/S/Seadragon-Corp/press-release/press-release-2018/20180618_SDX%20Press%20Release.pdf
If I recall it was just SDX's precarious financial position that made them relinquish.
AJ
Recently rellnquished by SDX.
https://www.energy-pedia.com/news/morocco/sdx-energy-announces-gas-discovery-at-lms-1-well--morocco-173537
https://hydrocarbons.onhym.com/en/exploration-acreage-map
Doorman,
If your question is how much gas is in the reservoir then - 22nd Dec 2022 PR states "Accelerate and maximise recovery of the management estimated Blythe gross 1P / 2P / 3P reserves of 25.4 / 42.5 / 55.8 billion cubic feet (BCF), at a time of high expected gas prices"
Hope that helps.
AJ
Maybe a red herring but Vivo is now wholey owned by Vitol https://www.fuelsandlubes.com/flo-article/vitol-group-completes-takeover-of-vivo-energy-plc/
Vitol has been a West Africa operator and still has a partnership with ENI in Ghana https://www.eni.com/en-IT/media/news/2023/05/eni-gnana-octp.html. They have very deep pockets and could easily fund the sort of farm-in we all want.
Chariot drilled Rabat Deep with ENI. Though ENI have just commited a very large sum to buying Neptune.
Maybe a joint ENI/Vitol farm-in ?
Surfit,
Here we are in complete agreement " AIM is investment vehicle that is fraught with shattered aspirations and Africa carrys higher geographical and political risk than anywhere else".
That said, I believe this management team know what they are doing and are moving this project forward as fast as can be expected.
Many on this board have become frustrated by perceived lack of progress driven by unrealistic expectations. Getting to FID by mid year is a big ask - AP set a goal not a firm commitment .
If they announce partnering by cob next Friday I will be delighted but if it doesn't come until late September I will be fine.
Have a good relaxing weekend
AJ
Good morning Surfit,
You have laid out a strong case for why investors should look elsewhere.
So why are you here ? If you think the CHAR strategy is so wrong there are many other invetsment opportunities.
thanks
AJ
PS: personally as someone in my 5th decade in the oil business I think their strategy is solid
"It's very normal in the upstream world to have less than 50% and still have operatorship."
TotalEnergies TTE and its partner Qatar Petroleum have been awarded licenses to explore two new Shallow Water blocks, namely Block 6 and Block 8, in the Suriname SHO Bid Round 2020/2021. TotalEnergies will operate these blocks, situated in shallow water with depths between 30 meters and 50 meters, and adjacent to the company operated Block 58 in the region.
TotalEnergies will operate the blocks with a 40% working interest, alongside Qatar Petroleum (20%) and the national company Staatsolie (40%).
"soo many sells speaks volume what the market yet again makes of this."
Most likely a bunch of T20 gamblers closing positions when the RNS wasn't quite what they hoped.
I remain bullish. FID may not be next week. But its not far off.